51job : Reports Fourth Quarter and Fiscal Year 2021 Financial Results - Form 6-K

51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

SHANGHAI, March 31, 2022 - 51job, Inc. (Nasdaq: JOBS) ("51job" or the "Company"), a leading provider of integrated human resource services in China, announced today its unaudited financial results for the fourth quarter and fiscal year of 2021 ended December 31, 2021.

Fourth Quarter 2021 Financial Highlights:

·	Net revenues increased 15.7% over Q4 2020 to RMB1,345.2 million (US$211.1 million)

·	Online recruitment services revenues increased 12.0%

·	Other human resource related revenues increased 19.0%

·	Income from operations was RMB304.6 million (US$47.8 million)

·	Fully diluted earnings per share was RMB5.23 (US$0.82)

·	Non-GAAP adjusted fully diluted earnings per share1 was RMB5.99 (US$0.94)

Fiscal Year 2021 Financial Highlights:

·	Net revenues increased 19.8% from 2020 to RMB4,420.4 million (US$693.7 million)

·	Online recruitment services revenues increased 11.6%

·	Other human resource related revenues increased 31.3%

·	Income from operations was RMB551.3 million (US$86.5 million)

·	Fully diluted earnings per share was RMB9.40 (US$1.47)

·	Non-GAAP adjusted fully diluted earnings per share was RMB13.12 (US$2.06)

Fourth Quarter 2021 Unaudited Financial Results

Net revenues for the fourth quarter ended December 31, 2021 were RMB1,345.2 million (US$211.1 million), an increase of 15.7% from RMB1,163.1 million for the same quarter in 2020.

Online recruitment services revenues for the fourth quarter of 2021 increased 12.0% to RMB617.7 million (US$96.9 million) compared with RMB551.6 million for the same quarter in 2020, primarily due to an improvement in hiring sentiment, demand and activity from employers in 2021.

Other human resource related revenues for the fourth quarter of 2021 increased 19.0% to RMB727.5 million (US$114.2 million) from RMB611.5 million for the same quarter in 2020. The growth was primarily driven by robust employer demand for seasonal campus recruitment, business process outsourcing and training services in 2021.

¹Adjusted fully diluted earnings per share is a non-GAAP financial measure, which excludes share-based compensation expense, loss from foreign currency translation, and changes in fair value of listed equity securities investment and long-term investment, as well as the related tax effect of these items. Please refer to the "Use of Non- GAAP Financial Measures" section and "Reconciliation of GAAP and Non-GAAP Results" tables contained in this press release.

- more -

51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

March 31, 2022

Page 2

Cost of services for the fourth quarter of 2021 increased 29.1% to RMB535.2 million (US$84.0 million) from RMB414.5 million for the same quarter in 2020, primarily due to higher employee compensation expenses, headcount additions and greater direct costs, such as venue rental, media production and technology support, incurred in providing campus recruitment services to employers. Gross profit for the fourth quarter of 2021 increased 8.2% to RMB810.0 million (US$127.1 million) from RMB748.6 million for the same quarter in 2020. Gross margin, which is gross profit as a percentage of net revenues, was 60.2% in the fourth quarter of 2021 compared with 64.4% for the same quarter in 2020.

Operating expenses for the fourth quarter of 2021 increased 28.9% to RMB505.4 million (US$79.3 million) from RMB392.0 million for the same quarter in 2020. Sales and marketing expenses for the fourth quarter of 2021 increased 34.3% to RMB403.6 million (US$63.3 million) from RMB300.6 million for the same quarter in 2020, primarily due to higher employee compensation expenses, staff additions and greater spending on advertising and brand awareness campaigns. Advertising and promotion expenses increased 27.7% to RMB90.0 million (US$14.1 million) for the fourth quarter of 2021 from RMB70.5 million for the same quarter in 2020.

General and administrative expenses for the fourth quarter of 2021 increased 11.3% to RMB101.8 million (US$16.0 million) from RMB91.4 million for the same quarter in 2020, primarily due to higher employee compensation expenses.

Income from operations for the fourth quarter of 2021 was RMB304.6 million (US$47.8 million) compared with RMB356.6 million for the fourth quarter of 2020. Operating margin, which is income from operations as a percentage of net revenues, was 22.6% for the fourth quarter of 2021 compared with 30.7% for the same quarter in 2020. Excluding share-based compensation expense, operating margin would have been 24.9% for the fourth quarter of 2021 compared with 33.7% for the same quarter in 2020.

The Company recognized a loss from foreign currency translation of RMB10.9 million (US$1.7 million) in the fourth quarter of 2021 compared with RMB33.9 million in the fourth quarter of 2020, primarily due to the impact of the change in exchange rate between the Renminbi and the U.S. dollar on the Company's U.S. dollar cash deposits.

The Company recognized a mark-to-market, non-cash loss of RMB10.7 million (US$1.7 million) in the fourth quarter of 2021 compared with RMB9.4 million in the fourth quarter of 2020 associated with a change in fair value of listed equity securities investment in Huali University Group Limited, which is traded on the Hong Kong Stock Exchange. The Company also recognized RMB3.4 million (US$0.5 million) in professional services fees and administrative expenses related to the proposed going-private transaction in the fourth quarter of 2021.

- more -

51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

March 31, 2022

Page 3

Other income in the fourth quarter of 2021 included local government financial subsidies of RMB98.6 million (US$15.5 million) compared with RMB14.9 million in the fourth quarter of 2020.

Net income attributable to 51job for the fourth quarter of 2021 was RMB355.2 million (US$55.7 million) compared with RMB342.0 million for the same quarter in 2020. Fully diluted earnings per share for the fourth quarter of 2021 was RMB5.23 (US$0.82) compared with RMB5.01 for the same quarter in 2020.

In the fourth quarter of 2021, total share-based compensation expense was RMB29.9 million (US$4.7 million) compared with RMB35.0 million in the fourth quarter of 2020.

Excluding share-based compensation expense, loss from foreign currency translation and change in fair value of listed equity securities investment, as well as the related tax effect of these items, non-GAAP adjusted net income attributable to 51job for the fourth quarter of 2021 was RMB406.7 million (US$63.8 million) compared with RMB420.1 million for the fourth quarter of 2020. Non-GAAP adjusted fully diluted earnings per share was RMB5.99 (US$0.94) in the fourth quarter of 2021 compared with RMB6.16 in the fourth quarter of 2020.

Fiscal Year 2021 Unaudited Financial Results

Net revenues in 2021 were RMB4,420.4 million (US$693.7 million), an increase of 19.8% from RMB3,689.0 million in 2020.

Online recruitment services revenues in 2021 increased 11.6% to RMB2,396.2 million (US$376.0 million) from RMB2,147.3 million in 2020. The increase was primarily due to the improvement in business activity and more recruitment needs of employers in China in 2021.

Other human resource related revenues in 2021 increased 31.3% to RMB2,024.2 million (US$317.6 million) from RMB1,541.6 million in 2020, primarily due to resilient customer demand and usage of the Company's training, campus recruitment, placement and business process outsourcing services.

Cost of services in 2021 increased 32.9% to RMB1,676.7 million (US$263.1 million) from RMB1,261.7 million in 2020, primarily due to higher employee compensation expenses and headcount additions. Gross profit in 2021 increased 13.0% to RMB2,743.7 million (US$430.5 million) from RMB2,427.2 million in 2020. Gross margin was 62.1% in 2021 compared with 65.8% in 2020.

Income from operations in 2021 decreased 36.4% to RMB551.3 million (US$86.5 million) from RMB867.1 million in 2020, primarily due to the significant increase in sales and marketing expenses in 2021. Operating margin was 12.5% in 2021 compared with 23.5% in 2020. Excluding share-based compensation expense, operating margin would have been 15.9% in 2021 compared with 27.4% in 2020.

- more -

51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

March 31, 2022

Page 4

Net income attributable to 51job in 2021 was RMB640.7 million (US$100.5 million) compared with RMB1,097.3 million in 2020. Fully diluted earnings per share in 2021 was RMB9.40 (US$1.47) compared with RMB16.12 in 2020.

Excluding share-based compensation expense, loss from foreign currency translation, and changes in fair value of listed equity securities investment and long-term investment, as well as the related tax effect of these items, non-GAAP adjusted net income attributable to 51job in 2021 was RMB894.4 million (US$140.4 million) compared with RMB1,243.9 million in 2020. Non-GAAP adjusted fully diluted earnings per share was RMB13.12 (US$2.06) in 2021 compared with RMB18.28 in 2020.

As of December 31, 2021, cash and short-term investments totaled RMB10,587.0 million (US$1,661.3 million) compared with RMB10,761.9 million as of December 31, 2020.

Currency Convenience Translation

For the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB6.3726 to US$1.00, the noon buying rate on December 30, 2021 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

Use of Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), 51job uses non-GAAP financial measures of income before income tax expense, income tax expense, adjusted net income, adjusted net income attributable to 51job and adjusted earnings per share, which are adjusted from results based on GAAP to exclude share-based compensation expense, loss from foreign currency translation and changes in fair value of listed equity securities investment and long-term investment, as well as the related tax effect of these items. The Company believes excluding share-based compensation expense and its related tax effect from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's core operating results as such expense is not directly attributable to the underlying performance of the Company's business operations and do not impact its cash earnings. The Company believes excluding loss from foreign currency translation and changes in fair value of listed equity securities investment and long-term investment, as well as the related tax effect, from its non-GAAP financial measures is useful for its management and investors as such translation, mark-to-market gain or loss is not indicative of the Company's core business operations and will not result in cash settlement nor impact the Company's cash earnings. 51job also believes these non-GAAP financial measures excluding share-based compensation expense, loss from foreign currency translation and changes in fair value of listed equity securities investment and long-term investment, as well as the related tax effect of these items, are important in helping investors to understand the Company's current financial performance and future prospects and to compare business trends among different reporting periods on a consistent basis. The presentation of these additional measures should not be considered a substitute for or superior to GAAP results or as being comparable to results reported or forecasted by other companies. The non-GAAP measures have been reconciled to GAAP measures in the attached financial statements.

- more -

51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

March 31, 2022

Page 5

About 51job

Founded in 1998, 51job is a leading provider of integrated human resource services in China. With a comprehensive suite of HR solutions, 51job meets the needs of enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development. The Company's main online recruitment platforms (http://www.51job.com, http://www.yingjiesheng.com, http://www.51jingying.com, http://www.lagou.com, and http://www.51mdd.com), as well as mobile applications, connect millions of people with employment opportunities every day. 51job also provides a number of other value-added HR services, including business process outsourcing, training, professional assessment, campus recruitment, executive search and compensation analysis. 51job has a call center in Wuhan and a nationwide network of sales and service locations spanning more than 30 cities across China.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "targets," "confident" and similar statements. Among other things, statements that are not historical facts, including statements about 51job's beliefs and expectations, as well as 51job's strategic and operational plans, are or contain forward-looking statements. 51job may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. All forward-looking statements are based upon management's expectations at the time of the statements and involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: execution of 51job's strategies and business plans; growth and trends of the human resource services industry in China; market acceptance of 51job's products and services; competition in the industry; 51job's ability to control costs and expenses; 51job's ability to retain key personnel and attract new talent; relevant government policies and regulations relating to 51job's industry, corporate structure and business operations; seasonality in the business; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; risks related to acquisitions or investments 51job has made or will make in the future; accounting adjustments that may occur during the quarterly or annual close or auditing process; and fluctuations in general economic and business conditions in China and globally, including the impact of the coronavirus or other pandemic. Further information regarding these and other risks are included in 51job's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release and based on assumptions that 51job believes to be reasonable as of this date, and 51job undertakes no obligation to update any forward-looking statement, except as required under applicable law.

- more -

51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

March 31, 2022

Page 6

Contact

Investor Relations, 51job, Inc.

Tel: [phone]

Email: [e-mail]

- more -

51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

March 31, 2022

Page 7

51job, Inc.
Consolidated Statements of Operations and Comprehensive Income
		For the Three Months Ended
		December 31, 2020			December 31, 2021			December 31, 2021
(In thousands, except share and per share data)		(unaudited)			(unaudited)			(unaudited)
		RMB			RMB			US$ (Note 1)
Revenues:
Online recruitment services			551,562				617,703				96,931
Other human resource related revenues			611,545				727,480				114,157
Net revenues			1,163,107				1,345,183				211,088
Cost of services (Note 2)			(414,504	)			(535,189	)			(83,983	)
Gross profit			748,603				809,994				127,105
Operating expenses:
Sales and marketing (Note 3)			(300,583	)			(403,604	)			(63,334	)
General and administrative (Note 4)			(91,439	)			(101,786	)			(15,972	)
Total operating expenses			(392,022	)			(505,390	)			(79,306	)
Income from operations			356,581				304,604				47,799
Loss from foreign currency translation			(33,851	)			(10,917	)			(1,713	)
Interest and investment income, net			59,482				56,142				8,810
Change in fair value of listed equity securities investment			(9,404	)			(10,715	)			(1,681	)
Fees and expenses related to proposed going-private transaction			-				(3,357	)			(527	)
Other income, net			11,691				98,335				15,431
Income before income tax expense			384,499				434,092				68,119
Income tax expense			(52,695	)			(83,210	)			(13,057	)
Net income			331,804				350,882				55,062
Net loss attributable to non-controlling interests			10,244				4,273				671
Net income attributable to 51job, Inc.			342,048				355,155				55,733
Net income			331,804				350,882				55,062
Other comprehensive income (loss)			22,745				(269	)			(42	)
Total comprehensive income			354,549				350,613				55,020
Earnings per share:
Basic			5.07				5.27				0.83
Diluted			5.01				5.23				0.82
Weighted average number of common shares outstanding:
Basic			67,402,582				67,437,209				67,437,209
Diluted			68,245,670				67,941,118				67,941,118

Notes:
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.3726 to US$1.00 on December 30, 2021 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
(2) Includes share-based compensation expense of RMB6,307 and RMB4,933 (US$774) for the three months ended December 31, 2020 and 2021, respectively.
(3) Includes share-based compensation expense of RMB5,422 and RMB4,241 (US$666) for the three months ended December 31, 2020 and 2021, respectively.
(4) Includes share-based compensation expense of RMB23,280 and RMB20,717 (US$3,251) for the three months ended December 31, 2020 and 2021, respectively.

- more -

51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

March 31, 2022

Page 8

51job, Inc.
Consolidated Statements of Operations and Comprehensive Income
		For the Year Ended
		December 31, 2020			December 31, 2021			December 31, 2021
(In thousands, except share and per share data)		(unaudited)			(unaudited)			(unaudited)
		RMB			RMB			US$ (Note 1)
Revenues:
Online recruitment services			2,147,334				2,396,209				376,017
Other human resource related revenues			1,541,617				2,024,219				317,644
Net revenues			3,688,951				4,420,428				693,661
Cost of services (Note 2)			(1,261,731	)			(1,676,727	)			(263,115	)
Gross profit			2,427,220				2,743,701				430,546
Operating expenses:
Sales and marketing (Note 3)			(1,182,677	)			(1,790,535	)			(280,974	)
General and administrative (Note 4)			(377,438	)			(401,827	)			(63,055	)
Total operating expenses			(1,560,115	)			(2,192,362	)			(344,029	)
Income from operations			867,105				551,339				86,517
Loss from foreign currency translation			(53,442	)			(15,793	)			(2,478	)
Interest and investment income, net			228,500				212,690				33,376
Change in fair value of listed equity securities investment			10,760				(88,296	)			(13,856	)
Fees and expenses related to proposed going-private transaction			-				(87,544	)			(13,738	)
Change in fair value of long-term investment			39,614				-				-
Other income, net			167,308				192,233				30,166
Income before income tax expense			1,259,845				764,629				119,987
Income tax expense			(188,417	)			(155,721	)			(24,436	)
Net income			1,071,428				608,908				95,551
Net loss attributable to non-controlling interests			25,848				31,775				4,986
Net income attributable to 51job, Inc.			1,097,276				640,683				100,537
Net income			1,071,428				608,908				95,551
Other comprehensive income (loss)			22,451				(415	)			(65	)
Total comprehensive income			1,093,879				608,493				95,486
Earnings per share:
Basic			16.35				9.50				1.49
Diluted			16.12				9.40				1.47
Weighted average number of common shares outstanding:
Basic			67,101,601				67,429,296				67,429,296
Diluted			68,056,724				68,185,891				68,185,891

Notes:
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.3726 to US$1.00 on December 30, 2021 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
(2) Includes share-based compensation expense of RMB23,648 and RMB24,019 (US$3,769) for the year ended December 31, 2020 and 2021, respectively.
(3) Includes share-based compensation expense of RMB20,329 and RMB20,648 (US$3,240) for the year ended December 31, 2020 and 2021, respectively.
(4) Includes share-based compensation expense of RMB99,829 and RMB104,889 (US$16,460) for the year ended December 31, 2020 and 2021, respectively.

- more -

51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

March 31, 2022

Page 9

51job, Inc.
Reconciliation of GAAP and Non-GAAP Results
		For the Three Months Ended
		December 31, 2020			December 31, 2021			December 31, 2021
(In thousands, except share and per share data)		(unaudited)			(unaudited)			(unaudited)
		RMB			RMB			US$ (Note 1)
GAAP income before income tax expense			384,499				434,092				68,119
Add: Share-based compensation			35,009				29,891				4,691
Add: Loss from foreign currency translation			33,851				10,917				1,713
Add: Change in fair value of listed equity securities investment			9,404				10,715				1,681
Non-GAAP income before income tax expense			462,763				485,615				76,204
GAAP income tax expense			(52,695	)			(83,210	)			(13,057	)
Tax effect of non-GAAP line items			(208	)			(7	)			(1	)
Non-GAAP income tax expense			(52,903	)			(83,217	)			(13,058	)
Non-GAAP adjusted net income			409,860				402,398				63,146
Non-GAAP adjusted net income attributable to 51job, Inc.			420,104				406,671				63,817
Non-GAAP adjusted earnings per share:
Basic			6.23				6.03				0.95
Diluted			6.16				5.99				0.94
Weighted average number of common shares outstanding:
Basic			67,402,582				67,437,209				67,437,209
Diluted			68,245,670				67,941,118				67,941,118

		For the Year Ended
			December 31, 2020				December 31, 2021				December 31, 2021
(In thousands, except share and per share data)			(unaudited)				(unaudited)				(unaudited)
			RMB				RMB				US$ (Note 1)
GAAP income before income tax expense			1,259,845				764,629				119,987
Add: Share-based compensation			143,806				149,556				23,469
Add: Loss from foreign currency translation			53,442				15,793				2,478
Add (Less): Change in fair value of listed equity securities investment			(10,760	)			88,296				13,856
Less: Change in fair value of long-term investment			(39,614	)			-				-
Non-GAAP income before income tax expense			1,406,719				1,018,274				159,790
GAAP income tax expense			(188,417	)			(155,721	)			(24,436	)
Tax effect of non-GAAP line items			(279	)			79				12
Non-GAAP income tax expense			(188,696	)			(155,642	)			(24,424	)
Non-GAAP adjusted net income			1,218,023				862,632				135,366
Non-GAAP adjusted net income attributable to 51job, Inc.			1,243,871				894,407				140,352
Non-GAAP adjusted earnings per share:
Basic			18.54				13.26				2.08
Diluted			18.28				13.12				2.06
Weighted average number of common shares outstanding:
Basic			67,101,601				67,429,296				67,429,296
Diluted			68,056,724				68,185,891				68,185,891

Note (1): The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.3726 to US$1.00 on December 30, 2021 in New York for cable transfers of Renminbi as set forth in theH.10 weekly statistical release of the Federal Reserve Board.

- more -

51job, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results

March 31, 2022

Page 10

51job, Inc.

Consolidated Balance Sheets

		As of
		December 31, 2020			December 31, 2021			December 31, 2021
(In thousands, except share and per share data)		(unaudited)			(unaudited)			(unaudited)
		RMB			RMB			US$ (Note 1)
ASSETS
Current assets:
Cash			3,292,698				10,539,923				1,653,944
Restricted cash			2,258				-				-
Short-term investments			7,469,213				47,116				7,394
Accounts receivable (net of allowance of RMB26,798 and RMB27,522 as of December 31, 2020 and 2021, respectively)			290,480				382,164				59,970
Prepayments and other current assets			492,980				561,677				88,139
Total current assets			11,547,629				11,530,880				1,809,447
Non-current assets:
Time deposits			719,189				745,450				116,977
Long-term investments			1,576,250				1,474,928				231,448
Property and equipment, net			273,157				755,789				118,600
Goodwill			1,036,124				1,036,124				162,590
Intangible assets, net			163,503				126,497				19,850
Right-of-use assets			307,869				1,839,143				288,602
Other long-term assets			13,946				14,065				2,207
Deferred tax assets			38,013				52,793				8,284
Total non-current assets			4,128,051				6,044,789				948,558
Total assets			15,675,680				17,575,669				2,758,005
LIABILITIES, MEZZANINE EQUITY AND EQUITY
Current liabilities:
Current portion of long-term bank loan			-				52,500				8,238
Accounts payable			83,087				136,999				21,498
Salary and employee related accrual			182,565				221,890				34,819
Taxes payable			172,254				212,873				33,404
Advances from customers			1,158,604				1,163,615				182,598
Lease liabilities, current			34,952				42,093				6,605
Other payables and accruals			1,178,955				1,132,921				177,780
Total current liabilities			2,810,417				2,962,891				464,942
Non-current liabilities:
Long-term bank loan			-				997,500				156,530
Lease liabilities, non-current			44,949				37,776				5,928
Deferred tax liabilities			232,087				224,571				35,240
Total non-current liabilities			277,036				1,259,847				197,698
Total liabilities			3,087,453				4,222,738				662,640
Mezzanine equity:
Redeemable non-controlling interests			189,811				156,880				24,618
Shareholders' equity:
Common shares (US$0.0001 par value: 500,000,000 shares authorized, 67,406,657 and 67,437,209 shares issued and outstanding as of December 31, 2020 and 2021, respectively)			54				54				8
Additional paid-in capital			5,206,154				5,363,570				841,661
Statutory reserves			18,474				18,840				2,956
Accumulated other comprehensive income			276,975				276,560				43,398
Retained earnings			6,871,090				7,511,407				1,178,704
Total 51job, Inc. shareholders' equity			12,372,747				13,170,431				2,066,727
Non-controlling interests			25,669				25,620				4,020
Total equity			12,398,416				13,196,051				2,070,747
Total liabilities, mezzanine equity and equity			15,675,680				17,575,669				2,758,005

Note (1): The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.3726 to US$1.00 on December 30, 2021 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

# # #